Each year I read with interest Warren Buffet’s annual letter and the Dallas Fed’s Annual Report. Both take a long-term view are written with great clarity. The Fed’s report this year, What D’Ya Know? (http://dallasfed.org/pubs/e-sub/e-pubs.html) is a look at the impact of lifelong learning upon the pursuit of the American Dream.
In 1940, 60% of the jobs in the USA only required an eighth grade education, compared to around 5% today. Today’s workforce is much better educated, with over half of the American workforce having a least some postsecondary education.
The average estimated lifetime earnings for someone with an eighth grade education is $976,350; high school grad is $1,455,253; Bachelor degree is $2,567,174; and professional degree is $5,254,193.
The report goes on to explain the importance of education and how all of us are gong to have to become lifelong learners. The importance of community colleges and technical schools in our agurbs® is going to become more important into the future.